Yesterday the USDJPY lacked direction, with the market trading in the 146-147 range.

Yesterday the USDJPY fluctuated sharply after the U.S. Consumer Price Index (CPI) figures were announced at GMT 12:30, despite the figures being more or less in line with expectations. However, the price subsequently failed to show much direction.

Today the USDJPY reached a high of 147.61 shortly before GMT 02:00, but the price is still lacking in momentum.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:05 on August 15), the price remains contained within the upper and lower bands of the Bollinger Bands for long periods of time, and has not moved enough to drive a significant expansion in the ±2 standard deviation bands.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

Today's main economic indicators are as follows.

• GMT 12:30 U.S. July Retail sales (MoM)
• GMT 12:30 U.S. July Retail sales excluding autos (MoM)
• GMT 12:30 U.S. August New York Empire State Manufacturing Index
• GMT 12:30 U.S. August Philadelphia Fed Manufacturing Index
• GMT 12:30 U.S. Initial jobless claims for the previous week
• GMT 12:30 U.S. Continuing jobless claims for the previous week
• GMT 13:15 U.S. July Industrial production (MoM)
• GMT 14:00 U.S. August NAHB Housing Market Index
• GMT 20:00 U.S. June Total net TIC flows
• GMT 20:00 U.S. June Net long-term TIC flows